marine cargo insurance News

Insurers Weigh Covering Ukraine Grain Shipments After Deal to Re-open Black Sea Ports

A number of insurance underwriters are interested in providing cover for grain shipments from Ukraine after an agreement was reached to re-open Black Sea ports, although the first shipments are expected to be weeks away, industry sources said on Friday. …

Ukraine’s Grain Challenge: Clearing Mines, Finding Ships and Insurance, Trusting Putin

Ukraine finally secured a deal aimed at restarting crucial Black Sea grain exports that have been crippled by Russia’s invasion. But getting them going won’t be easy. Government officials from Kyiv and Moscow on Friday signed parallel agreements with Turkey …

Insurers Want Safety Assurances Before Covering Ships Sailing in Ukraine Grain Corridor

Insurers will only be willing to cover ships sailing through a proposed corridor to get Ukrainian grain out if there are arrangements for international navy escorts and a clear strategy to deal with sea mines, underwriters and brokers say. Russia, …

Stricken Bulk Carrier Remains Stranded Near Sydney as Rescue Efforts Fail for 21 Crew

Twenty-one crew members remain aboard a bulk carrier which lost power in turbulent waters near Sydney, after overnight rescue attempts failed. The MV Portland Bay, which has been without power since early Monday, has been off the coast of New …

Sovcomflot’s Cargo Ships Fully Covered by Russian Insurers: CEO

Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover. Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was …

Black Sea Mine Removal Needed Before Ukraine Grain Can Be Shipped, Insurers Return

As the United Nations tries to broker a path for grain from Ukraine and temper worries about a global food crisis, hundreds of mines laid along the Black Sea present a practical nightmare that will take months to resolve even …

Reuters: Russia’s State-Owned RNRC to Reinsure Russian Oil Shipments: Sources

State-controlled Russian National Reinsurance Company (RNRC) is now the main reinsurer of Russian ships, including Sovcomflot’s fleet, after Western insurance firms withdrew cover for Russian shipowners, three people familiar with the matter told Reuters. Insurance is essential for maritime transport, …

Removing Russian Sea Mines Near Key Ukraine Ports Could Take Months: U.N.

Removing sea mines near Ukraine’s key ports could take months, and hundreds of seafarers are still stranded in the region following Russia’s invasion of the country, according to the United Nations agency responsible for shipping safety. “Even if the ports …

Insurtech MGA Loadsure Offers Smart Annual Cargo Insurance

InsurTech MGA Loadsure announced the launch of its new smart annual cargo product, Cargo Plus. The new offering is an annualized ocean cargo product that will deliver the financial convenience of a pay-as-you-go policy with the assurance that annual cover …

Risky Ship-to-Ship Transfers Keep Russian Oil Moving to China

A logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of oil from eastern Russia to Asia. Buyers are using creative …